New Delhi [India], July 29 (ANI): German Ambassador to India Philipp Ackermann on Tuesday hailed the upcoming India-European Union Free Trade Agreement (FTA) as a major milestone, stating that the pact will heavily transform economic relations and boost commercial activities between the two regions.
Speaking to ANI following a press conference of the German Embassy in New Delhi, Ambassador Ackermann highlighted that the implementation of the agreement will serve as a catalyst for cross-border commerce.
“It will be a game changer in many ways,” Ackermann said on the expected impact of the trade deal, noting that it will “lead to more German investment in India and maybe also to more Indian investment in Germany.”
The Ambassador emphasised that slashing tariffs and removing trade barriers between Europe and India will directly stimulate economic engagement.
Expressing strong optimism regarding the timeline, Ackermann noted that the implementation of the free trade agreement during the first half of next year will generate a progressive transformation over the coming years.
“It will lead to more German investment in India and maybe also to more Indian investment in Germany which we welcome highly welcome and I think in many ways the reducing of tariffs and tariff barriers between Europe and India will you know activate trade and investment activities between both markets and I’m very optimistic about when in the first half of next year we’ll implement this free trade agreement,” he stated.
He further pointed out that the deepening economic synergy will naturally translate into greater people-to-movement, remarking that it will “also increase the number of visitors going on both sides of the free trade agreement India to Germany, Germany to India.”
Last week, Union Commerce and Industry Minister Piyush Goyal concluded a five-day visit to Spain, Belgium, Finland and Estonia with India and the European Union reaffirming their commitment to the early signing and implementation of the proposed Free Trade Agreement (FTA), according to Ministry of Commerce and Industry.
“Both sides reaffirmed their commitment to work towards the early signing and implementation of the India-EU FTA,” the ministry said, referring to Goyal’s meetings in Brussels with European Council President Antonio Costa, European Commissioner for Trade Maros Sefcovic and other senior EU leaders.
The proposed India-European Union Free Trade Agreement (FTA) could help India redirect exports worth an estimated USD 10-11 billion from the United States to the European Union, reducing dependence on a single export market while expanding India’s presence in Europe, according to a report by Rubix Data Science. (ANI)